Michael Jackson Estate: Executors Seek 10% of Profits
The executors of the Michael Jackson estate want their piece of the pie.
In ongoing attempts to get paid for past and future work administering the Michael Jackson estate, the executors want a cut of the estate's profits.
According to court documents Attorney John Branca and music executive John McClain are seeking 10% of the profits, excluding profits from the "This is It" documentary.
In a motion filed last week, they are also opposing a bid by Jackson's father, Joe Jackson, to more than $15,000 a monthly allowance from the singer's estate.
The Associated Press reports the executors are asking a court to approve the compensation, which will pay for a variety of services both men promise to provide. Filings state the 10 percent will exclude profits from Jackson's interest in the Sony/ATV music catalog, as well as his own songs.
Branca and McClain's filing states other high-profile musicians' estates employed advisers receive 15 to 25 percent of profits after the musicians' deaths.
The men are seeking to become the co-executives of a company that will oversee a business based on Jackson's works.
The Michael Jackson estate value has been estimated at $500 million. It is unclear how much Branca and McClain would be paid; an accounting of the estate has not been filed.
As previously discussed, Branca and McClain are also opposing a bid by Jackson's father, Joe Jackson, to receive more than $15,000 a month from the singer's estate. They claim it will reduce the estate's assets set aside for Michael Jackson's mother and children, and that Joe Jackson is not entitled to "maintenance expenses" because he was never legally dependent on his son while Michael was alive.
Joe Jackson did not inherit any of his son's assets and was not named as a beneficiary in the King of Pop's will or trust.
A hearing is scheduled for Jan. 28 when a judge decide whether Joe Jackson receives any money from the estate.
The Michael Jackson estate faces a number of creditors' claims and lawsuits. Among the latest to file a creditor's claim is Jose F. Vallejos seeking $3.3 million for the city of Los Angeles.
- Jackson Estate Opposes Allowance for Father Joe (Reuters)
- Joe Jackson asks for $15,000 a month (USA Today)
- Estate Planning Checklist (FindLaw)
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